IREN (NASDAQ:IREN) Shares Climb 7.7% – Time to Buy?

IREN Limited (NASDAQ:IREN) shares rose 7.7% on Friday. The company traded as high as $43.26 and last traded at $43.7680. Approximately 6,983,475 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 42,110,527 shares. The stock had previously closed at $40.65.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on IREN shares. Freedom Capital raised IREN from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. Morgan Stanley lowered IREN to a “buy” rating in a report on Wednesday, September 2nd. Needham & Company LLC restated a “hold” rating on shares of IREN in a research report on Tuesday, July 21st. Canaccord Genuity Group reaffirmed a “buy” rating and set a $79.00 price target on shares of IREN in a research note on Friday, August 28th. Finally, The Goldman Sachs Group reiterated a “neutral” rating on shares of IREN in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.13.

IREN Price Performance

The company has a 50-day moving average of $41.45 and a two-hundred day moving average of $45.82. The stock has a market capitalization of $16.53 billion, a PE ratio of -17.96 and a beta of 4.26. The company has a debt-to-equity ratio of 1.80, a current ratio of 3.55 and a quick ratio of 3.55.

Institutional Trading of IREN

A number of institutional investors have recently added to or reduced their stakes in IREN. Andra AP fonden acquired a new position in IREN in the second quarter worth about $218,000. SkyView Investment Advisors LLC bought a new stake in shares of IREN in the 2nd quarter valued at approximately $823,000. Sequoia Financial Advisors LLC acquired a new stake in shares of IREN during the 2nd quarter valued at approximately $263,000. MCF Advisors LLC raised its position in shares of IREN by 5,159.1% during the 2nd quarter. MCF Advisors LLC now owns 1,157 shares of the company’s stock valued at $53,000 after acquiring an additional 1,135 shares in the last quarter. Finally, National Pension Service bought a new position in IREN during the second quarter worth $1,213,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

About IREN

IREN Limited, formerly known as Iris Energy Limited, is a data center company focused on bitcoin mining and high-performance computing. The company develops and operates data centers designed to use renewable energy and provides the infrastructure needed for energy-intensive digital workloads.

IREN’s operations include bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including graphics processing units (GPUs), for applications such as machine learning and other computational workloads.